This is the quick and dirty look at the recent moves in the SP500. The SP500 does not have to reach my top trend line, but in the same breath, it can exceed the top trend line and keep right on going.
Since the 20th bottom, the rally has broken from the idealized script, some 2-3 days after the bottom was completed, so now it is just a matter of time.
I say that it can keep soaring is because a diagonal wave may be in progress and they can fool wave counters for a long time. Look how long we got fooled with the wave two, from the 2009 bottom.
Even if that ends up becoming true, then these markets and most other stock markets will retrace and exceed the low of January 20th.
Technically speaking, I would need a 3 wave crash to help confirm my suspicions. After that we should be setting up for another monster rally.
All higher degree wave counters need to pull a miracle rabbit out of their hats as they desperately need 5 waves down in Primary degree to confirm one single part of a single correction in SC or GSC degree. In 15 years nothing has happened and even now the great mythical 5 waves down in Primary degree is nowhere in sight. Since the last major top in May 2015 we have not had any part that I can call a pure impulse wave, and even if it were, it surely will not be starting out in a 5 wave sequence in Minor degree.
How the market price behaves is far more important than price as most of the EWP is taught without using any price at all.